BAJAJ CONSUMER CARE 2020-21 Annual Report Analysis

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BAJAJ CONSUMER CARE 2020-21 Annual Report Analysis
Thu, 8 Jul

BAJAJ CONSUMER CARE has announced its results for the year ended March 2021. Let us have a look at the detailed performance review of the company during FY20-21.

BAJAJ CONSUMER CARE Income Statement Analysis

  • Operating income during the year rose 8.2% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 17.8% YoY during the fiscal. Operating profit margins witnessed a fall and down at 26.2% in FY21 as against 24.0% in FY20.
  • Depreciation charges increased by 7.7% and finance costs decreased by 67.6% YoY, respectively.
  • Other income grew by 21.1% YoY.
  • Net profit for the year grew by 20.8% YoY.
  • Net profit margins during the year grew from 20.9% in FY20 to 23.3% in FY21.

BAJAJ CONSUMER CARE Income Statement 2020-21

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Net Sales Rs m 8,522 9,218 8.2%
Other income Rs m 305 369 21.1%
Total Revenues Rs m 8,827 9,587 8.6%
Gross profit Rs m 2,046 2,411 17.8%
Depreciation Rs m 58 63 7.7%
Interest Rs m 42 14 -67.6%
Profit before tax Rs m 2,250 2,704 20.2%
Tax Rs m 402 472 17.4%
Profit after tax Rs m 1,848 2,231 20.8%
Gross profit margin % 24.0 26.2
Effective tax rate % 17.9 17.5
Net profit margin % 20.9 23.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



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BAJAJ CONSUMER CARE Balance Sheet Analysis

  • The company's current liabilities during FY21 down at Rs 1 billion as compared to Rs 2 billion in FY20, thereby witnessing an decrease of -15.4%.
  • Current assets rose 13% and stood at Rs 7 billion, while fixed assets fell 2% and stood at Rs 2 billion in FY21.
  • Overall, the total assets and liabilities for FY21 stood at Rs 9 billion as against Rs 8 billion during FY20, thereby witnessing a growth of 10%.

BAJAJ CONSUMER CARE Balance Sheet as on March 2021

No. of Mths Year Ending 12 Mar-20* 12 Mar-21* % Change
Networth Rs m 6,503 7,562 16.3
 
Current Liabilities Rs m 1,614 1,366 -15.4
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 8,146 8,936 9.7
 
Current assets Rs m 6,324 7,159 13.2
Fixed Assets Rs m 1,822 1,777 -2.5
Total Assets Rs m 8,146 8,936 9.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



BAJAJ CONSUMER CARE Cash Flow Statement Analysis

  • BAJAJ CONSUMER CARE's cash flow from operating activities (CFO) during FY21 stood at Rs 2 billion, an improvement of 32.4% on a YoY basis.
  • Cash flow from investing activities (CFI) during FY21 stood at Rs -1 billion on a YoY basis.
  • Cash flow from financial activities (CFF) during FY21 stood at Rs -1 billion on a YoY basis.
  • Overall, net cash flows for the company during FY21 stood at Rs -34 million from the Rs -31 million net cash flows seen during FY20.

BAJAJ CONSUMER CARE Cash Flow Statement 2020-21

Particulars No. of months 12 12 % Change
Year Ending Mar-20 Mar-21
Cash Flow from Operating Activities Rs m 1,790 2,371 32.4%
Cash Flow from Investing Activities Rs m -1,726 -1,063 -
Cash Flow from Financing Activities Rs m -91 -1,342 -
Net Cash Flow Rs m -31 -34 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Current Valuations for BAJAJ CONSUMER CARE

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs 15.1, an improvement from the EPS of Rs 12.5 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 295.2, stands at 19.5 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 4.0 times, while the price to sales ratio stands at 3.3 times.
  • The company's price to cash flow (P/CF) ratio stood at 19.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Sales per share (Unadj.) Rs 57.8 62.5
TTM Earnings per share Rs 12.5 15.1
Diluted earnings per share Rs 12.5 15.1
Price to Cash Flow x 22.9 19.0
TTM P/E ratio x 19.5 19.5
Price / Book Value ratio x 5.3 4.0
Market Cap Rs m 43,552 43,554
Dividends per share (Unadj.) Rs 2.0 10.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



Ratio Analysis for BAJAJ CONSUMER CARE

  • Solvency Ratios
  • Current Ratio: The company's current ratio improved and stood at 5.2x during FY21, from 3.9x during FY20. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 197.6x during FY21, from 54.0x during FY20. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at 29.5% during FY21, from 28.4% during FY21. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 35.9% during FY21, from 35.2% during FY20. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 25.1% during FY21, from 23.2% during FY20. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-20* 12 Mar-21*
Current ratio x 3.9 5.2
Debtors’ Days Days 11 9
Interest coverage x 54.0 197.6
Debt to equity ratio x 0.0 0.0
Return on assets % 23.2 25.1
Return on equity % 28.4 29.5
Return on capital employed % 35.2 35.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Accord Fintech, Equitymaster



To see how BAJAJ CONSUMER CARE has performed over the last 5 years, please visit here.

BAJAJ CONSUMER CARE Share Price Performance

Over the last one year, BAJAJ CONSUMER CARE share price has moved up from Rs 145.3 to Rs 295.2, registering a gain of Rs 150.0 or around 103.2%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 13,573.5 (down 0.7%). Over the last one year it has moved up from 11,357.8 to 13,573.5, a gain of 2,216 points (up 19.5%).

Overall, the S&P BSE SENSEX is up 44.0% over the year.

(To know more, check out historical annual results for BAJAJ CONSUMER CARE and quarterly results for BAJAJ CONSUMER CARE)

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